Zenith Bank released its 2013 Audited accounts with profit after tax down 5% to N95b (2012: N100b). Net Interest Income grew 21% to N189b during the year as the bank faced off with various pressures on their revenue base.
Operating cost also rose YoY by 23% to N147b during the period. Zenith Share price has risen 3% at the time of this report.
The directors recommended a dividend of N54.9 billion, which translate into N1.75 per share. The 2013 dividend is 9.3 per cent higher than the N1.60 paid in 2012. Considering the current price of Zenith Bank Plc the dividend yield stood at 8.1 per cent. A further analysis of the results showed that customers’ deposits rose 18 per cent from N1.929 trillion to N2.277 trillion. Return on average equity stood at 19.6 per cent, while return on average asset was 3.3 per cent.
Positive reaction to the results led to the shares of Zenith Bank to close higher at N21.99. Meanwhile, the stock market maintains its positive momentum with the Nigerian Stock Exchange (NSE) All-Share Index appreciated by 0.25 per cent to close at 39,269.40, while market capitalisation ended at N12.61 trillion. In percentage terms, Union Bank of Nigeria Plc, International Energy Insurance Plc and Guinness Nigeria Plc led the price gainers with 4.95 per cent, 4.92 per cent and 4.82 per cent respectively.
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